Will ps5 look any better on my tv?

Compared to the ps4. Yes. Compared to a 4K tv, no. 

The ps5 looks better on a 4K tv. It can be played on an 8k tv but I doubt that many people have an 8k tv. 

If you have a 1080p tv, you just won’t see as detailed as you would on a 4K. On a 1080p, some images might be blurred such as a crack on the cement or rain drops. On a 4K, those things become clearer. 

PS5 port is HDMI 2.1, which supports up to 4K@120HZ, and your TV only has 1080P. Only TVs that support HDMI 2.1 have the best results. Such as Vizio OLED 2020, LG ZX, Samsung Q95OTS, but the price is too expensive!

I tried to use the HDMI 2.1 to DP 1.4 adapter I bought from Larnt, and it worked. But I think TV is better for playing games.

Why don't you try it first?

I'd say 1080 P you wil get probably get better performance (depending on game) but its 4k that will have the biggest bump.  As to whether to go with either xbox or playstation that to me depends on which is most likely to get the exclusive games you want and what platform your friends use for online gaming.

Trump for president.